 "Trump: Harris will impose ‘Soviet-style’ price controls and make costs ‘a hundred times higher’ – Firstpost")
In a post on his Truth Social platform, Trump noted, “If you think things are expensive now, they will get 100 times WORSE if Kamala stays president for four years.” He further claimed that under her plan, Kamala will “impose Soviet-style price controls. She will abolish private health care…”
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Former President Donald Trump has sharply criticized Vice President Kamala Harris’ recently unveiled economic plan, claiming her proposals would increase the cost of living.
In a post on his Truth Social platform, Trump noted: “If you think things are expensive now, they will be 100 times WORSE if Kamala stays as president for four years.”
He further claimed that as part of her plan, Kamala will “impose Soviet-style price controls. She will abolish private healthcare and make California’s ridiculous tax policy the law of the land, meaning EVERY American will be taxed up to 80% of their income! If you want more MONEY and less TAXES, VOTE TRUMP!!!”
Competing economic visions
Trump and Harris traveled to North Carolina this week to deliver major speeches on the economy. Both sought to articulate their economic policy visions and emphasized the role of federal intervention in markets to strengthen the economy. But their views on when and how that power should be exercised differed significantly.
Harris began developing her version of progressive economics, which has gained traction in Democratic circles over the past decade. This economic philosophy advocates robust federal action to promote competition and eliminate market distortions. New York Times reported
Her approach includes significant tax increases on corporations and top earners to fund assistance programs for low- and middle-income earners, while also proposing generous tax incentives for companies to engage in activities she and progressive colleagues believe are economically beneficial, such as developing technologies to combat climate change and building affordable housing.
In contrast, Trump’s economic message is clear and straightforward: He claims he revived the American economy during his first term and promises to do so again. Trump outlined a series of commitments on how he would use the power of government to intervene in markets and help consumers. He promised to reduce the cost of auto insurance within his first 100 days and vowed to cut energy prices in half. He also proposed deporting millions of immigrants to reduce housing costs.
Financial concerns and budgetary implications
Questions remain about the wider scope of Harris’ agenda, particularly what tax increases she would support to offset proposed tax cuts and spending initiatives. The bipartisan Committee for a Responsible Federal Budget, which focuses on deficit reduction, estimated Friday that her plans would add $1.7 trillion to the federal deficit over the next decade if not offset by new revenue sources. New York Times reported.
In contrast, analyses by the same committee suggest that Trump’s tax cuts could increase the budget deficit by $7 trillion over the next decade, with Biden only partially able to offset these cuts through tariffs or the repeal of tax breaks.
Conflicting economic philosophies
In North Carolina, both Trump and Harris tried to portray each other’s economic philosophies as harmful to the nation’s economy and working families. Trump warned that Harris’ policies could trigger a 1929-style stock market crash. Harris responded that Trump’s tariffs would effectively amount to “a Trump tax on gasoline, a Trump tax on food, a Trump tax on clothing, a Trump tax on over-the-counter drugs.”
Despite their differences, both candidates spoke in favor of Medicare and supported the idea of exempting certain tip income from federal taxes.
